Gateway Funding
Gateway Funding
3180 Latta Road
Suite 600
Rochester, NY 14612
Phone: (585) 285-4144
Fax: (585) 285-4143
email: cvella@gateway-funding.com
Established in 1994, Gateway Funding Diversified Mortgage Services, L.P. is the largest, independently owned mortgage banking firm in the area. We are a full service mortgage banker offering a diverse product portfolio. With over 75 years of combined mortgage experience, Chris and Dan Vella’s mortgage team can assist you in finding a mortgage solution that is right for you. We understand the challenges that borrowers face today. We pride ourselves in staying ahead of new market trends and staying focused on true customer service. Gateway Funding is also dedicated to delivering quality mortgage solutions that support you in Opening Doors to Home Ownership.
Home Loans Gateway Funding offers a diverse product portfolio. Contact a Gateway Funding mortgage specialist to review which product best suits your financial situation.
FHA Loan
Loan Features
•Low down payment
•Flexible income, debt, and credit requirements
•Downpayments may be funded by a gift or loan
Best For
•Homebuyers with limited savings
•Low to moderate income homebuyers
VA Loan
Loan Features
•No down payment required
•Flexible income, debt, and credit requirements
•Downpayments may be funded by a gift or loan
Best For
•Qualified veterans, reservists, active service members and their spouses
•Eligible first or second time homebuyers who have low to moderate income
USDA Rural Housing Program
Loan Features
•Property must be in USDA Rural Housing Eligible Area
•No Downpayment or Reserves Required
•No Monthly Mortgage Insurance with one time Guarantee Fee
•No Maximum Seller Concession
Best For
•Homebuyers with limited savings
•Low to moderate income homebuyers in rural areas
Interest-Only
Loan Features
•Low monthly payments consisting only of interest for the first five or seven years
•Available with 1/1, 3/1, 5/1, and 7/1 adjustable rate loans
Best For
•Homebuyers looking to increase their short-term cash flow
•Homebuyers who intend to move or refinance within a few years
Jumbo Loan
Loan Features
•Mortgage amounts in excess of the conforming limit of $417,000 for a one-unit property
•Typically carry higher interest rates
•Also know as non-conforming loans
Best For
•Homebuyers who need financing to purchase an expensive property
•Investment-minded buyers who can afford a large purchase, but want to leverage assets more effectively
Fixed Rate
Loan Features
•Predictable payments
•Fixed payments
•Protection against rising interest rates
Best For
•Homebuyers who prefer regular, fixed payments
•Homebuyers with limited income
•Homebuyers who plan to stay in their home for many years
Adjustable Rate
Loan Features
•Early term low monthly payments
•Qualification based on lower initial payment, so loan can be larger
•A variety of initial fixed rate options
Best For
•Homebuyers who need more than they can qualify for with a fixed rate
•Homebuyers who want to save money in the short run
•Homebuyers who want to move in a few years
Reverse Mortgages
If you are 62 or older and own your own home, you can continue to live in the comfort of that home and enjoy it's full appreciation while receiving monthly cash advances and long term financial security. Our Home Equity Conversion Mortgage (HECM) gives you a simple way to unlock the equity in your home without selling, pulling up your roots to move or taking out a traditional home equity loan.
HECM is a special type of home loan called a reverse mortgage. The HECM is backed by the Federal Housing Administration (FHA). A HECM loan enables you to tap the equity on your home and unlike traditional home loans, which require a monthly payment, a HECM actually pays you. Best of all, HECM's require no repayment of monies received as long as you occupy your home as a primary residence.
With a HECM loan there are no risks - just safe, secure retirement income that is determined by your age, where you live and the value of your home. There are 5 payment options to choose from. You make the determination, which plan to use, whether it's a monthly credit or a combination of both. If your financial needs change, you are permitted to change payment plans at any time for a nominal fee. You may change your payment plans as often as you like.
Upon leaving your home, for whatever reason, the loan balance plus accrued interest becomes due and payable. That repayment may be made from the proceeds of selling your home or by other means so that the home may be kept. If the loan exceeds the value of your property, you owe and your heirs owe no more than the value of your property. Any amount due in excess of the home's value will be forgiven. You will never owe more than the value of your home or the amount you have borrowed under the terms of the loan, whichever is less. If you receive more in payments than your home is worth at the time, it will be forgiven.
When you are ready to receive extra income for travel, home improvements, investments, medical expenses, financial security, a more comfortable lifestyle, or any other reason, then you are ready for a Reverse Mortgage from Gateway Funding.
Other Services
"First Step" Pre-Approvals
A new service which eliminates home buying stress for the buyer, the seller and the Realtor by offering mortgage loan credit approval to qualified buyers before securing a property.
Complimentary Consultation
Gateway Funding will analyze and review home buyer's residential purchasing options at no charge and with no obligation.
Flexible Appointments
Applications can be taken over the phone, at any Gateway Funding branch office, at the buyer's home, or at their Realtor's office.
Fast Approvals
Same day credit approvals for qualified buyers from Gateway Funding's in-house staff of underwriters.
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